New Issue: JPMorgan prices $1.18 million 12.5% reverse convertibles linked to AK Steel

New York, Feb. 25 - JPMorgan Chase & Co. priced $1.179 million of 12.5% reverse convertible notes due May 27, 2011 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless AK Steel shares fall below the protection price of $11.116, 70% of the initial price of $15.88, during the life of the notes and finish below the initial price in which case the payout will be 62.9723 shares of AK Steel stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$1.179 million
Maturity:	May 27, 2011
Coupon:	12.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AK Steel shares fall below the protection price of $11.116, 70% of the initial price, and finish below the initial price, in which case 62.9723 shares of AK Steel stock
Initial price:	$15.88
Protection price:	$11.116, 70% of $15.88
Exchange ratio:	62.9723
Pricing date:	Feb. 22
Settlement date:	Feb. 28
Agent:	JPMorgan
Cusip:	48125XFP6

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